Palayan Resources Inc. Update on Fin-Tech Merger
Lady Lake, FL, Jan. 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Palayan Resources, Inc. (the “Company”) (OTCMarkets: PLYN), a publicly traded company, announced today the Company is moving forward with our Due Diligence on the Fin-Tech merger. The preliminary valuation of the transaction is $80 million USD. The Fin-Tech operations will become subsidiaries of PLYN and file consolidated financial statements.
The transaction is subject to customary due diligence and the audit of the Fin-Tech company.
As part of the transaction PLYN/Fin-Tech will seek financing to expand operations in the primary business sector Multi-Corridor Multilateral Remittance (Hub), Multi-Currency Digital Remittance Solutions, Blockchain Remittance Solutions and Remittance as a Service for institutions. The Fin-Tech company has country-centric network partners in 62 countries.
The Fin-Tech company has a simple, fast and secure way of transferring funds globally. They offer lowest transfer fee and competitive exchange rate without any hidden costs. They have collecting agents at convenient locations and for the disbursement, they have a large number of world-wide network partners for "just-in-time" delivery.
The target company has been in business for 10 years and has developed a robust and scalable global infrastructure network as the underpinning for growth.
World Bank data, the global money transfer market in 2020 was worth over $700 billion. In turn, Allied Market Research forecasts that this market should reach a value of over $930 billion in 2026, with a compound annual growth rate (CAGR) of 3.9 per cent. The digital remittance industry alone has growth prospects at a rate of 13.3 per cent annually to reach over $42 billion in 2028 (Grand View Research). The economic situation should be driven partially by economic migrants who leave their homelands to find better-paid jobs and want to financially support their families back home.
According to the World Bank, the countries that received the most remittances last year were India (USD 83 billion), China (60), Mexico (43), the Philippines (35) and Egypt (30). Looking at the statistics of individual regions in the world, remittances grew in Latin America, South Asia, the Middle East and North Africa. Weaker performance was recorded in East and Central Asia, the Pacific region, Europe and sub-Saharan Africa. (Source: The Fintech Times)
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About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company. The Company will focus on pursuing acquisition opportunities that can benefit private companies through PLYN’s public status, acquiring revenue producing transactions. Headquartered in Lady Lake, FL, Palayan Resources is aiming to build a portfolio of companies that generate revenue and profitability.
For more information:
Contact us via:
Phone: (407) 536-9422
Cautionary Note to U.S. and Foreign Investors
Palayan Resources Inc., (PLYN) a public shell company that has its common stock trade on OTCMarkets under the symbol “PLYN”. PLYN files information with OTCMarkets. The reports filed with OTCMarkets should be read by any potential investor prior to making an investment decision. The information filed with OTCMarkets is available at http://www.otcmarkets.com/stock/PLYN/quote.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise For more information, please visit www.sec.gov. Source: Palayan Resources, Inc.
Source: Palayan Resources, Inc.